Unitedhealth (UNH) Operating Margin (2009 - 2026)
Unitedhealth (UNH) posted quarterly Operating Margin of 8.05% for Q1 2026, down 28.0% year-over-year from 11.18% in Q1 2025, and up 2297.43% quarter-over-quarter from 0.34% in Q4 2025.
Unitedhealth (UNH) Operating Margin (2009 - 2026) Analysis & Trends
Unitedhealth (UNH) has reported Operating Margin for 18 consecutive years, with 8.05% the latest figure, recorded in Q1 2026.
- In Q1 2026, Operating Margin fell 28.0% year-over-year to 8.05%; the TTM figure through Mar 2026 stood at 4.43% (down 333.0% YoY), while the FY2025 annual figure was 4.24%, down 383.0% from the prior year.
- Operating Margin advanced to 8.05% in Q1 2026 per UNH's latest filing, from 0.34% in the prior quarter.
- Across five years, Operating Margin topped out at 11.79% in Q3 2023 and bottomed at 0.34% in Q4 2025.
- Historically, Operating Margin has averaged 7.89% across 5 years, with a median of 8.67% in 2022.
- Annual changes were most pronounced in 2022 — Operating Margin jumped 367 bps — and 2025, when it sank 640 bps.
- Unitedhealth's Operating Margin stood at 8.32% in 2022, then tumbled by 40 bps to 4.99% in 2023, then retreated by 7 bps to 4.63% in 2024, then sank by 93 bps to 0.34% in 2025, then surged by 2297 bps to 8.05% in 2026.
- Business Quant data shows UNH's Operating Margin at 8.05% in Q1 2026, 0.34% in Q4 2025, and 4.85% in Q3 2025.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Operating Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Unitedhealth | 352.16 Bn | 320.69 Bn | 36.67 Bn | 7.13% |
| 2 | Cvs Health | 118.83 Bn | 104.87 Bn | 47.23 Bn | 4.43% |
| 3 | Elevance Health | 86.85 Bn | 50.89 Bn | 13.45 Bn | 1.39% |
| 4 | Humana | 45.59 Bn | 21.72 Bn | 5.50 Bn | 3.33% |
| 5 | Centene | 31.97 Bn | 4.92 Bn | 14.55 Bn | 2.24% |
| 6 | Molina Healthcare | 10.21 Bn | 1.30 Bn | 1.43 Bn | 1.33% |
| 7 | Oscar Health | 9.60 Bn | 1.05 Bn | 1.09 Bn | 7.96% |
| 8 | Alignment Healthcare | 2.72 Bn | 2.02 Bn | 180.96 Mn | 3.15% |
| 9 | Clover Health Investments | 2.17 Bn | 1.93 Bn | 153.00 Mn | 3.77% |
| 10 | Progyny | 2.01 Bn | 1.77 Bn | 89.30 Mn | 11.41% |
Historic Data
Download Data| Date | Value |
|---|---|
| Jun 30, 2026 | 7.13% |
| Mar 31, 2026 | 8.05% |
| Dec 31, 2025 | 0.34% |
| Sep 30, 2025 | 4.85% |
| Jun 30, 2025 | 4.61% |
| Mar 31, 2025 | 8.32% |
| Dec 31, 2024 | 4.63% |
| Sep 30, 2024 | 11.24% |
| Jun 30, 2024 | 10.24% |
| Mar 31, 2024 | 10.17% |
| Dec 31, 2023 | 4.99% |
| Sep 30, 2023 | 11.79% |
| Jun 30, 2023 | 8.67% |
| Mar 31, 2023 | 8.80% |
| Dec 31, 2022 | 8.32% |
| Sep 30, 2022 | 11.57% |
| Jun 30, 2022 | 8.88% |
| Mar 31, 2022 | 8.67% |
| Dec 31, 2021 | 4.66% |
| Sep 30, 2021 | 7.90% |